WorldCom Execs Resign

By: Associated Press
By: Associated Press

The majority of the WorldCom board of directors has resigned. The resignations were announced by the Clinton-based telecom in Jackson, Mississippi.

New WorldCom CEO Michael Capellas has been expected to name his own slate of directors to the troubled company.

The announcement, which means only three newly appointed board members will remain, came one day after two federal judges approved Capellas' compensation plan.

That approval paves the way for Capellas to begin his turnaround plan for WorldCom.

The company did not specify when new board members would be named.

WorldCom announced the largest ever U.S. bankruptcy in July and is still facing massive fines for accounting fraud totaling $9 billion.

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